Italian insurer Assicurazioni Generali (GASI.MI) has named veteran banker Stefano Marsaglia to fill a vacancy on its board left by the departure of its second largest shareholder in May; the company said on Friday.

Marsaglia will replace Francesco Gaetano Caltagirone; who holds a stake of just under 10% stake in Generali according to the latest filings; and fought a campaign against the reappointment of the company’s chief executive in April.

Caltagirone’s two remaining nominees on the Generali board did not support the appointment of Marsaglia, Generali said in a statement. It also said that Luciano Cirina, a former Generali executive who was Caltagirone’s candidate for the CEO’s job; “did not meet the requirements for appointment” to the board.

Cirina missed out on the CEO role in April when shareholders supported Philippe Donnet for a new term.
Marsaglia, an Italian, has worked in banking for Rothschild, Barclays and Mediobanca. He is currently CEO of private equity firm Azzurra Capital.

-Reuters.